[High-tech LED reporter Hu Yanling reported] Recently, Crystal Optoelectronics (SZ.002273) released its 2011 annual performance report. The company achieved a total operating income of 433 million yuan in 2011, and the net profit attributable to shareholders of listed companies was 122 million yuan, up from the same period of last year. 30.51%, 32.09%.
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The report shows that in 2011, the company's sapphire LED substrate operating income was 9.51 million yuan, operating cost was 11.64 million yuan, gross profit margin was -22.32%, and loss was 2.13 million yuan.
Stock price decline
According to the reporter's understanding, Crystal Optoelectronics began to enter the sapphire LED substrate field in 2010, and the project began to release production capacity in 2011. According to the report, due to the fluctuation of demand in the LED industry and the expansion of production capacity in 2011, the price of long-crystal raw materials for LED sapphire substrates has dropped sharply, with a drop of more than 50%, resulting in a certain price loss for the company's inventory.
"The reason for the loss is mainly that we have a certain inventory in the second half of last year. With the crazy fall of sapphire prices, the company's inventory suffered price loss." The person in charge of the Crystal Optoelectronic Sapphire Project told the "High-tech LED" reporter.
According to the reporter's understanding, the price of raw materials in the domestic LED industry has fluctuated greatly in 2011. In particular, the price of sapphire substrate has experienced a "roller coaster" surge. As of the second half of 2011, sapphire prices have fallen from the highest level of $35/piece to $8-10/piece (in two inches).
"In 2010, the market forecast for sapphire substrates was too optimistic, resulting in a frenzy of capital. The sapphire market has a small capacity and oversupply, which leads to huge price volatility." The person in charge said that many domestic sapphire manufacturers In a state of loss, but there are still unclear outsiders who are blindly entering the field.
It is reported that Crystal Optoelectronics announced in October 2010 that the company plans to invest 3.6 million pieces of high-brightness LED sapphire substrate project, which is expected to invest RMB 109 million. At that time, the price of sapphire substrates was at a historical high. The average price of Q3 sapphire substrates in 2010 was $30/piece (in two inches). The average price of Q4 sapphire substrates in 2010 was $35/piece (in two inches). Calculation).
"At present, the inventory of Crystal Optoelectronics has been basically digested. And in recent months, we can get the lower price of the ingot from the United States and Russia, and temporarily relieve the price pressure to a certain extent." The person in charge disclosed. However, the price of the subsequent sapphire crystal sticks needs to be coordinated with the supplier.
According to the report, according to the resolution of the company's first extraordinary shareholders meeting on January 16, 2012, the company reduced the investment project for non-public offering of funds raised in December 2011, focusing on the investment in precision optoelectronic thin film components, with an annual output of 6 million sapphire. The LED substrate project is not included in the investment scope of this fundraising. According to the original plan of the company, the total investment of the company's sapphire project is 325 million yuan.
Waiting for stock digestion
"Now the market is in a downturn, we are only suspending this project, but it has not been postponed. We will start the project in due course according to market conditions." As for when to start, the above-mentioned person in charge said that the company has no plans at present. But he also said, "The market will not continue to be depressed. At present, the inventory of chip companies has been basically digested. The crystal rod manufacturers still have some stocks but not much. They will not lose money all the time. After the stocks are digested, this year's sapphire Prices will rebound and 20% profit margin is a reasonable price space."
According to the report, the crystal sapphire project has been put into operation with a production capacity of 150,000 pieces per month and a PSS capacity of 30,000 pieces per month. "The capacity of PSS is now undersupply, and we are considering expanding production to 50,000 pieces/month," said the person in charge.
Crystal Optoelectronics is still optimistic about the future development prospects of sapphire substrates. According to the report, from the perspective of long-term development, LED is the next generation of light source in the future. It is recognized as the most promising high-tech field in the 21st century. The major countries and regions in the world have developed LED technology and industrial development plans. The current price decline driving cost reduction will accelerate the launch of the LED lighting market.
On the other hand, the adjustment of China's rare earth policy will lead to a sharp increase in the price of rare earth phosphors. While significantly increasing the cost pressure of energy-saving lamps, it will also accelerate the transformation of energy-saving lamps to LED lighting. Therefore, it will also drive the rapid growth of domestic sapphire substrate demand. According to the High-tech LED Industry Research Institute (GLII), the annual demand for domestic sapphire substrates will reach 22.53 million units by 2012, accounting for 31% of the total global market demand.
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